Getinge reported mixed Q3 21 numbers, missing the top-line estimates but beating on profits, and highlighting the structural margin improvements. Sales were down 20.1% on an organic basis, hurt by a steep decline in Acute care therapies. Surprisingly, the order book growth was very strong at 21.8%.
Importantly, Getinge has completed the remediation work required under the terms of the FDA consent decree.
FY21 revenue guidance was unchanged. We expect to trim our top-line estimates to factor i
Companies: Getinge (GETI-B:STO)Getinge AB Class B (GETI.B:OME)
Getinge reported solid Q2 21 numbers. Sales were up 3.6% on an organic basis, driven by 36.5% growth in life science and 1.3% in acute care. As expected, the order book continued to decline (-6.1%) on account of tough comps. Profit margins (adjusted EBITA margin +150bp) were well ahead of estimates, thanks largely to improved cost controls.
Surprisingly, FY21 revenue guidance was unchanged (at least SEK27bn). We will upgrade our estimates to factor in the solid margin trajectory.
Getinge reported strong Q1 21 numbers, beating estimates. Sales were up 12.6% on an organic basis, driven by the strength in acute care (+12.9%) and life science (+38%). The order book decline (-22.8%) was expected given the exceptional order build-up in Q1 21. Profit margins (adjusted EBITA margin +650bp) were well ahead of estimates, thanks to improved cost controls.
FY21 guidance was unchanged (revenue of at least SEK27bn). We will upgrade our estimates to factor in the strong margin traject
Getinge’s Q4 results were ahead of consensus. Sales were up 11.1% organically, driven by ACT (+35.5%), which offset declines in the other segments. Order book growth of 6% was attributable to LS (+70.5%), which offset SWF weakness (-7.1%). Adjusted EBITA came in at SEK1.82bn, with the associated margin of 20.6% (+90bp).
The board proposed a FY20 dividend of SEK3/share. Looking ahead, FY21 sales are expected to be at least SEK27bn. We will be raising our estimates marginally.
Companies: Getinge AB Class B
Getinge announced good Q3 20 numbers, as sales and adjusted EBITA rose strongly, thanks to Acute Care Therapies and Life Sciences, which offset the weakness in Surgical Workflows. The order intake (-5.3%) was the only sore spot in the quarter, suggesting the COVID-19-driven momentum was starting to fade. However, we will upgrade our FY20 estimates as we expect a strong Q4, and lower our FY 21 estimates due to phasing effects. Hence, we expect no significant target price impact.
Getinge announced strong Q2 20 numbers, with revenue up by 9.1% to SEK6.97bn and the adjusted EBITA margin increasing by 8.1%. The strong showing was attributable to acute care therapies, which registered 20.8% topline growth and a 10.2% expansion in the adjusted EBITA margin. The order intake was up by an impressive 17.5% (also driven by acute care therapies), implying a strong Q3 showing. Following the strong performance, we will be upgrading our estimates.
Getinge reported strong Q1 20 numbers. Sales were up 3.8% organically to SEK6,033m, led by Acute Care Therapies (ACT), which benefited from COVID-19-driven demand. The solid order intake (+47.2%) was also attributable to ACT (+96.4%). Adjusted EBITA came in at SEK661m, with the margin at 10.9% (+420bp), benefiting from the higher margin ACT sales. However, management has withdrawn its FY20 guidance due to the COVID-19 uncertainties. Following the Q1 performance, we will be upgrading our near-ter
The COVID-19 outbreak, spreading like wildfire across the globe, has turned out to be tailwind for Getinge’s critical care business. With the infection spreading to more countries/regions, this brings added business to the firm’s acute care business, which could help support Getinge’s stock price in these volatile times.
Getinge reported strong Q4 19 numbers – beating ours as well as consensus estimates. Growth was driven by Acute Care Therapies and Life Science, which offset the weakness in Surgical Workflows. Regionally, the softness in APAC was partly offset by strong performance in the Americas. Adjusted EBIT came in at SEK1.55bn (margin at 18.2%) and proposed dividend of SEK 1.5/share. Looking ahead, management expects 2-4% organic growth in FY 20. Following the strong numbers, we will be upgrading our esti
Getinge reported strong Q3 19 numbers – beating estimates on the top-line as well as the bottom-line. Net sales came in at SEK6,236m, up 4.8% on an organic basis, and the order intake came in at SEK6,678m, up 3.5%. Adjusted EBIT came in at SEK554m, with the associated margin at 8.9%. Looking ahead, management continues to expect 2-4% organic growth in FY19.
Following the strong Q3 numbers, we will be upgrading our estimates as well as the target price and recommendation.
Getinge reported good Q2 19 numbers – beating top-line estimates and meeting bottom-line estimates. Net sales were up 4% on an organic basis – driven by Acute Care Therapies and Life Sciences. Regionally, the muted performance in EMEA was more than offset by the strength in APAC and the Americas. Adjusted EBIT (SEK 466m) met estimates with the associated margin at 7.4%. Management continues to expect 2-4% organic growth in FY19. Following the good Q2 numbers, we will be raising our estimates.
Getinge reported strong Q1 2019 numbers – beating estimates on the topline as well as bottomline. The growth was driven by good performance in the Acute Care Therapies and Life Science segments. Regionally, muted performance in Americas was offset by strong performance in APAC and EMEA. Adjusted EBITA came in at SEK 369m with associated margin at 4.5%. For FY19, management continues to expect 2-4% organic growth. Following the strong Q1 numbers, we will be upgrading our estimates.
Getinge reported mixed Q4 numbers. Q4 sales were up 2.4% to SEK7.9bn, ahead of our conservative estimates, but missing the street’s consensus. The order book came in at SEK6.7bn, contracting by 3.1%. NB all growth numbers are on an organic basis, unless mentioned otherwise.
Segment-wise, the life sciences segment was the clear outperformer (+15.5% vs -9.8% in Q3 18, +32.7% in Q2 18, -2.5% in Q1 18), making up for a muted performance from the acute care therapies (ACT) segment (+0.3% vs +12.2% i
Getinge reported a strong top line and profitability in Q3, driven by capital goods in the acute care therapies segment. Order book growth, however, was disappointing, indicating a weak Q4. The quarter also saw multiple one-offs hurting the bottom line. Organic top-line guidance was maintained at 2%-4%, which looks conservative. The company also announced the sale of the mesh business, which is embroiled in litigation, forcing SEK1.8bn of provisioning.
Getinge today announced the recognition of a SEK1.8b provision with respect to hernia mesh product liability claims the company’s subsidiary Atrium medical is currently facing in the US and Canada. The provision, the company says, includes provisioning for legal fees as well as potential product liability claims. Although management believes that the provisioning will be able to cover the pending lawsuits, it has not ruled out a possibility of a further increase in the future. While the legal fe
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Yourgene has experienced strong demand for its Covid-19 tests, which propelled H1’22 revenues to £17.5m, ahead of the >£15.0m indicated at the AGM last month. This is more than double the revenues booked in H1’21 and close to the whole of FY21. Both Genomic Services and Genomic Technologies grew strongly in the period, with Covid-related revenues now acting as much more than a natural hedge in both segments. Despite the ongoing uncertainties and lack of forward visibility around Covid-testing vo
Companies: Yourgene Health Plc
Recruitment resumed the Phase 2a trial of the lead programme hRPC in retinitis pigmentosa (RP) with the treatment of the first UK-patient in Oxford. The protocol gives greater infection control after the safety issue (a possible infection) in June. Five patients were treated up to mid-October and the remaining four could be treated by December 2021. By late March 2022, ReNeuron expects to give an interim update. The full data set should be available around mid-2022. This will enable regulatory d
Companies: ReNeuron Group plc
SkinBioTherapeutics has made significant progress through 2021, and ahead of the launch of its first product, AxisBiotix-Ps on World Psoriasis Day, we provide an overview of the company, its commercial channels and its progress. With the imminent launch of AxisBiotix-Ps, the company is at a significant inflection point, transitioning from a development organisation to a commercial operation. Importantly SkinBioTherapeutics has four further commercial channels in progress behind this lead opportu
Companies: SkinBioTherapeutics Plc
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ATOM headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas company which has incubated and financially supported ATOME to date, by way of a dividend in specie and flotation.
Devolver Digital to join AIM, an award-winning digital video games pu
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Softline, the global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London, has issued GDRs to the Standard Listing Segment of the Official List, and on the Moscow Exchange. The Group had a turnover of US$1.8bn for the year ended 31 March 2021, employs c.6,000 people globally, and operates in more than 50 countries across emerging markets. Primary proceeds from the Offer are expected to be around US$400m. At the $7.5 offer price. Mkt
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IXICO has announced that one of its clients has put an indefinite halt on a clinical trial for which the company was providing its artificial intelligence medical image analysis. The halt is the result of unexpected preclinical data. IXICO had expected the contract to deliver £0.8m of revenues in FY22E and it represented £3.3m of the £18.8m order book as of the close September 2021. While this news is disappointing, clearly the trial halt has no reflection on the capability of IXICO's technology
Companies: IXICO Plc
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Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) , the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m.
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz.
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Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
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H1 EBITDA declined by 45% YoY, albeit this was slightly better than we had anticipated after the pre-close update in August. The beat was cost related (efficiencies/savings). There was a significant gross margin drag though and, while transitory in nature and diminishing in H2, this means further savings need to be realised to hit full year forecasts. This is our view and we retain a good level of confidence in next year’s forecasts. Having de-rated, valuation looks very undemanding now on just
Companies: Venture Life Group Plc
Venture Life has announced its interim results for the six months to June 2021. As previously announced in the August trading statement, revenues were down YoY due to lower HSG sales and sales to the Chinese partner, though revenues are expected to grow subsequently, benefiting from the two recent acquisitions. H1/21 gross margin was impacted by a number of factors including supply chain costs and stockholding costs; however, the company expect margins to improve in H2/21E. Despite the set-backs
CareTech is a specialist social care and educational services provider. This morning, the group has announced an update for the year to 30 September pointing to the fact that results will be in line with market expectations. The net debt position of £259m illustrates a further reduction since the end of H1 (31 March £263.1m) and implying a reduction to 2.7x adjusted EBITDA. During the year, seven new developments have opened, with a further eight properties purchased in H2. The group's freehold
Companies: CareTech Holdings PLC
Positive headline results announcement, showing a statistically significant and clinically meaningful difference between Grass MATA MPL and placebo in hayfever patients in the exploratory field study (G309), is considered a major de-risking event. Not only does it increase the probability of successfully completing the pivotal Phase III study (G306) in the US and EU, but it underpins the broader MATA MPL platform, which includes tree and ragweed pollen, and increases the likelihood of completing
Companies: Allergy Therapeutics plc
NetScientific plc (NSCI) an active transatlantic life sciences/healthcare, sustainability and technology investment and commercialisation group announces that its corporate finance and venture capital division EMV Capital Ltd (EMVC) has advised on a £843k fundraise, into Sofant Technologies, the leading 5G and Satcom antenna developer based in Edinburgh. The fundraise consists of £300k direct investment from NetScientific, £343k from private clients and £200k matched funding from the British Bus
Companies: NetScientific plc
Hikma’s H1 20 top-line acceleration was driven by COVID-19-related demand in Injectables and Generics and the economic recovery in Algeria propelled growth in the Branded segment. Combined with a favourable product-mix, the operating margin was up 1.5ppt. In the near term, new launches across segments should provide some respite against the ongoing pricing pressure. Given the company’s thin R&D pipeline and a robust balance sheet, M&A (probably in the biosimilars space) seems on the cards.
Companies: Hikma Pharmaceuticals Plc
Oncimmune has announced an autoantibody profiling contract with the prestigious DanaFarber Cancer Institute. The contract opens up ImmunoINSIGHTS autoantibody profiling service to a number of Dana-Farber led oncology studies. We estimate the contract win to have minimal initial financial value, but importantly it brings influence and provides a framework for future use amongst pharmaceutical sponsors. Consequently, we make no changes to our estimates (projected 66% CAGR FY’21-23 in ImmunoINSIGHT
Companies: Oncimmune Holdings Plc